GBP
Britain’s trade deficit widened in April because of weaker chemicals and
manufacturing exports, official figures showed. The Office for National
Statistics said the deficit in trade in goods grew to an estimated £8.9bn from
£8.3bn in March. Including Britain’s surplus in trade in services, the overall
trade deficit widened to an estimated £1.8bn from £1.1bn in March.

There was also a report out from the IMF on Friday. They acknowledged that the

GBP
Britain’s trade deficit widened in April because of weaker chemicals and
manufacturing exports, official figures showed. The Office for National
Statistics said the deficit in trade in goods grew to an estimated £8.9bn from
£8.3bn in March. Including Britain’s surplus in trade in services, the overall
trade deficit widened to an estimated £1.8bn from £1.1bn in March.

There was also a report out from the IMF on Friday. They acknowledged that the
economy has rebounded strongly and growth is becoming more balanced. By this
they mean that business investment is now growing, not just consumer spending.
They also state that the housing market and productivity growth is still well
below historic levels

However, they acknowledge the need to be vigilant over the housing market, in
particular household debt, stating that interest rates should be raised first
before action is taken to reduce QE.

USD
US non-farm payrolls data showed 217,000 jobs created in May. This is just
below the expected 218,000 new jobs, significantly below the previous month at
282,000 new jobs. The unemployment rate stayed at 6.3%, a 5 1/2 year low.

The US Labour Department said the US economy has now recovered all the 8.7m
jobs lost during the recession.

Today
Overnight the Japanese economy grew an annualized 6.7 percent in the three
months to March, the fastest pace since the third quarter of 2011.

The Chinese Trade surplus jumped to 35.29 Billion in May after experts rose to
7% and imports fell sharply, The Australian and New Zealand Dollars both
strengthened off the back of this positive news.

It is a very quiet today on the data front as there is a public holiday in
Europe and no significant data released in the UK or the US.

Key Announcements:
There are no announcements today.

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